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Friday, June 9, 2023

Web3 Company Animoca Brands Lowers Fundraising Goal to $1 Billion in Q1 2023

Web3 Company Animoca Brands Lowers Fundraising Goal to $1 Billion in Q1 2023 – Animoca Brands, one of the most prominent Web3 gaming and blockchain firms, has revealed its Q1 2023 fundraising goals. Yat Siu, a co-founder of the company, recently revealed in a Twitter Spaces chat that the company was attempting to raise $1 billion from various partners for a fund provisionally called Animoca Capital, whose activities would focus on supporting already-established Web3 projects.

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This is much less than the goal Siu outlined in November when he first announced plans to launch this fund, stating that Animoca Brands hoped to raise up to $2 billion. Siu acknowledged the challenge of acquiring that amount of capital at the moment, given that the collapse of FTX had recently shook the cryptocurrency world.

Siu stated that this occurrence affected a dozen other Animoca Brands’ projects, with the subsequent backlash impacting the entire cryptocurrency market. Animoca Brands is hopeful about the success of this initiative, despite the fact that these occurrences have hampered the crypto and Web3 markets.

On the subject of reaching the newly announced goal, Siu explained: “Q1 is the goal and then let’s see what happens. It is fair to say it’s a challenging market. But we have quite a bit of interest.” However, as in November, Siu did not disclose investors interested in supporting this fund. The fund is to be focused on investing in late-stage Web3 gaming and metaverse projects, which are considered less risky than putting money on nascent startups. Animoca Brands still has no plans for fundraising for itself this year.

Data coming from corporative releases indicates it had more than $200 million in cash and around $940 million in cryptocurrencies considered liquid as part of its reserves by November. In July, the company raised $75 million, reaching a valuation of $5.9 billion. More recently, in September, Animoca secured $110 million in a round led by Temasek, a Singapore-owned VC company, Boyu Capital, and GGV Capital.

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